CHECKMATE! Putin's INSANE OPEC+ Plans With Saudi Arabia Will END ALL US & European Union Sanctions

OPEC+ said Sunday it would lock in current production levels, a pause that suggests the world’s leading oil producers are uncertain about the direction of crude prices with a price cap on Russia’s petroleum exports set to take effect.
The decision on Sunday allows the Organization of the Petroleum Exporting Countries and a group of producers led by Russia, collectively known as OPEC+, to take more time to assess the market impact of an EU and Group of Seven price cap, which is intended to crimp Russia’s revenue for the Ukraine war. It locks in a 2 million-barrels-a-day production cut decided in October.
The cap is set to go into effect on Monday, with both oil traders and government energy officials uncertain about how it will affect the market. An EU ban on most imports of Russian oil begins the same day, Then on Thursday, Chinese President Xi Jinping is expected to travel to Saudi Arabia, where energy markets are set to be on the agenda in discussions between the world’s largest oil importer and largest oil exporter, respectively.
Also coming up as soon as Monday: Saudi Arabia is expected to announce its prices for spot-market customers in Europe, Asia and the US, which will be closely watched for signs of the kingdom’s own view of the market.
OPEC had considered an array of options before Sunday’s unusual meeting, which was abruptly changed to a virtual gathering after initially being billed as in-person. OPEC normally meets during the workweek, but this meeting was scheduled for the weekend ahead of the price cap and EU embargo, without explanation.
Some members had advocated for a production increase heading into the meeting, pointing to the potential for disruptions of Russian oil that some analysts put at 1 million to 1.5 million barrels a day following the price cap. Russian officials on Sunday reiterated that they won’t trade any oil at all with nations that implement the price cap.
But in the days before the meeting, a consensus formed that it wasn’t the right time to increase output, OPEC delegates said. Prices have fallen 13% in the past month, and dropped 5% in one day last month when The Wall Street Journal and other organizations reported on talks of an output increase.
Prices have since stabilized, but Brent crude, the international benchmark, was at $85.42 on Friday, and WTI, the US benchmark, was at $80.34, far below the $90 a barrel level where some oil-market analysts say the group wants to see prices.
Some OPEC members, including Saudi energy minister Prince Abdulaziz bin Salman, floated the idea of another production cut, following the 2 million-barrels-a-day cut in October that surprised the White House and angered much of Washington. A cut would have shown that OPEC+ was concerned about Chinese lockdowns designed to stop a resurgent Covid-19 outbreak and their effect on demand—worries that have pulled oil prices down in recent days.


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